IPG Photonics eyes $215M expansion, 500 new jobs

Oxford fiber laser equipment manufacturer IPG Photonics is planning at least $215 million in expansions and new buildings at two different sites in town.

According to Acting Town Manager Dennis Power, the company is seeking a tax increment-financing agreement for the project, which would add about 960,000 square feet of space at its current 401,000-square-foot facility on Old Webster Road, including 500,000 square feet of office, manufacturing and research space.

The remaining 460,000 square feet would be in the form of a large parking garage to accommodate the additional 500 jobs to be created as a result.

The project is estimated to cost the company about $215 million, including $135 million for construction and another $80 million in personal property.

IPG has begun discussions with the town about a separate project on 10 acres of land off of Federal Hill Road the company purchased for $1.1 million in February.

That project would add about 330,000 square feet to the company's presence in Oxford via two buildings.

A cost estimate for that project was not given.

IPG's Vice President of Investor Relations James Hiller told WBJ the company is planning global capacity expansions including in Oxford as well as Marlborough, where the company purchased 13 acres for $1.8 million in February.

In an email, Hiller said the Oxford project will help the company retain 1,550 full-time jobs as well as create 500 new jobs.

The land purchases came during a record first quarter for the company, in which it made a profit of $106 million on revenues of $360 million.